CBN Raises Interest Rate to 22.75% as External Reserves Rise to $34bn

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the country’s interest rate to 22.75 percent as part of measures to curb rising inflation.

Economic Confidential recalls that the MPC had increased the interest rate to 18.75 percent in its last meeting in July, 2023.

The CBN governor, Olayemi Cardoso, who briefed journalists after the MPC’s two-day meeting also announced that the country’s external reserves have risen to $34 billion in February 2024 from over 32 billion dollars the previous month.

“Gross external reserves stood at US$34.51 billion on February 20, 2024, compared with US$32.23 billion at end of January 2024. The improvement was driven by reforms in the foreign exchange market and an increase in oil production
among others,” the CBN governor said.

The Committee’s next meeting is scheduled to hold on March 25 and 26, 2024.